90% Confidence Interval Lower Bound of Estimate of Median Household Income for Maine
MHICILBME23000A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
71,871.00
Year-over-Year Change
58.29%
Date Range
1/1/1989 - 1/1/2023
Summary
This trend measures the lower bound of the 90% confidence interval for the estimate of median household income in Maine. It provides insights into income distribution and economic wellbeing in the state.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The 90% confidence interval lower bound for median household income in Maine represents the lower end of the range in which the true median household income is likely to fall, with 90% confidence. This statistic is used by economists and policymakers to understand income patterns and identify areas for potential policy intervention.
Methodology
The data is collected through the U.S. Census Bureau's American Community Survey.
Historical Context
This trend is relevant for assessing the economic conditions and income inequality within Maine.
Key Facts
- The lower bound of the 90% confidence interval for median household income in Maine was $52,293 in 2021.
- This statistic helps identify the lower end of the income range for Maine households.
- The confidence interval provides a range to account for statistical uncertainty in the estimate.
FAQs
Q: What does this economic trend measure?
A: This trend measures the lower bound of the 90% confidence interval for the estimate of median household income in the state of Maine. It provides insights into the distribution of household incomes in the state.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for understanding income patterns and economic wellbeing in Maine. Policymakers and analysts can use it to identify areas of potential income inequality or economic vulnerability within the state.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Census Bureau's American Community Survey.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to assess the economic conditions and income distribution within Maine, which can inform policy decisions and interventions aimed at addressing income inequality or supporting low-income households.
Q: Are there update delays or limitations?
A: The data is subject to the update schedule and publication delays of the American Community Survey, which is conducted annually.
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Citation
U.S. Federal Reserve, 90% Confidence Interval Lower Bound of Estimate of Median Household Income for Maine (MHICILBME23000A052NCEN), retrieved from FRED.